Joy Alukkas Net Worth, Money and more
NET WORTH $640 million
Joyalukkas is an ISO certified Indian jewellery group based in Kochi, Kerala, India. The company is named after Joy Alukkas, the company’s chairman and founder. Retail outlets were set up in the UAE in Dubai, Sharjah, Al-Ain and Ras Al-Khaimah , making him the first jeweller in the Middle East to be certified with ISO 9001 and ISO 14001. The Joyalukkas group then shifted their headquarters to Cochin, Kerala targetting the growing demand for gold in middle income families in India. Joyalukkas group owns a chain of 85 showrooms spread over nine countries, out of which 26 are located in Kerala.
ABOUT THE FOUNDER
Joy Alukkas is the founder and chairman of the group of Joyalukkas. He is an Indian entrepreneur from the city of Kerala. Joy used to work in his father’s jewellery showroom which was founded in 1956. Joy Alukkas dropped out of school to go to the Gulf and open his family’s first overseas jewelry store in Abu Dhabi in 1987. Just over a decade later, he branched off to launch his own, eponymous jewelry chain, the $1.35 billion (sales) Joyalukkas. Headquartered in Cochin in south India, it has 85 stores in India and the Middle East. Other interests include a luxury air charter, money exchanges and his Mall of Joy, a new chain stocking wedding jewelry and silks, the first of which is due to open in Thrissur by year end. He bought his second aircraft, an Embraer Phenom 300, for his Joy Jets, an air charter which is in much demand from India’s godmen, politicians and tycoons.
Joy Alukkas believes in simple living and high thinking. He has no gold ornaments on him as would be expected in South India, where even men don gold ornaments on their wrists, fingers and neck. It is hard to believe he produces high-end gold jewellery that touches the lives of over 10 million customers across nine countries.
SUCCESS OF JOY ALUKKAS
Joy Alukkas’s success is the result of his forethought. In 1987, when he flew to UAE to explore the untapped market, little did he realise that he was going to change the way the world looked at jewellery. Despite running a multi dollar retail gold and diamond jewellery business halfway across the world, Joy Alukkas wears his success lightly. Joy Alukkas revolutionised retail jewellery trade in India by introducing training programs for his employees and also created the concept of “wedding centre” within the jewellery store. His success also includes the opening of the world’s largest showroom and the first Diamond Cave in Chennai, India, considered the jewellery hub of India. The phenomenol success of this showroom and this unique concept has proved his foresight and business acumen. It was due to his vision that Joyalukkas CSR (Corporate Social Responsibility) efforts were given shape through unique business models. Such an effort is the first of its kind by any jewellery retail chain. Joy Alukkas’s meteoric rise is a role model of entrepreneurial grit and intuitive enterprise. Today Joy Alukkas leads various interests of the group which includes Jewellery, Money Exchange, Malls, Fashion and Silks and Luxury Air Charter. His future are to have one shop in each Indian city within 150 km from each other and its in this respect that his Embraer Phenom 100, part if his charter business, Joy Jets, will serve him well. As business expands, Alukkas expects to fly more in the coming years. The fact that India is the world’s largest importer of gold. In India, a family’s wealth has traditionally been determined by the quantity of gold and land that is owned. South India , in particular, has a voracious appetite for the yellow metal that has roots in a 4000 year old culture. Gold is also looked at as an investment. Demand is for the purer 22-carat metal here, as against 18-carat in the west, and that is what Alukkas offers.
Joy Alukkas has a net worth of $640 million. Joyalukkas group has 85 retail jewellery outlets across nine countries, employing around 5000 people, which is expected to triple by 2015. The group is also involved in luxury air charter and helicopter services under the name Joy Jets. According to the Forbes magazine, he is one among the 100 richest persons of India. The various outlets of Joyalukkas in India are Bangalore, Mangalore, Mysore, Hubli, Shimoga, Kochi, Thrissur, Angamaly, Kottayam, Thiruvalla, Kollam, Thiruvananthapuram, Chennnai, Coimbatore, Ramanathapuram, Salem, Thirunelveli, Madurai, Vellore, Karur, Kanchipuram, Thanjavur, Trichy, Kumbakonam, Nizamabad, Hyderabad, Ongole, Vijayawada, Nellore, Chittoor, Visakhapatnam, Guntur, Kakinada, Mumbai, Haryana, Delhi, Puducherry, Vadodara, Ahmedabad and many more. The outlets of Joyalukkas in other countries include London, Singapore, Bahrain, Kuwait, Oman, Muscat, Qatar, Doha, Saudi Arabia, Riyadh, Jeddah, Al Khobar, Kuala Lumpur.
Joyalukkas group is the ‘Superbrand’ award winner of United Arab Emirates for the year 2010 and 2011. The brand ambassadors of Joyalukkas group are Hrithik Roshan, R. Madhavan (Tamil Nadu), Allu Arjun (Andhra), Suresh Gopi (Kerala). The store also sells textiles, apparels and accessories through its Wedding Centers. Last year, the 40,000 sq.ft. Joyalukkas Jewellery showroom in Chennai was recognized by the Limca Book of Records as the world’s largest. Here, a diamond cave giving a history of the stone has proved to be very popular with residents. Alukkas is clear that gold and diamonds will remain his core business.